Forecast for AUD/USD on October 29, 2021

The Australian dollar, against the background of the dollar's fall by -0.53%, gained 27 points yesterday. It almost reached the target level of 0.7566 by the upper shadow of the daily candle, which, taking fluctuations into account, can be taken as a fulfilled target, this morning the price rolls back, creating a risk of divergence formation with the Marlin Oscillator. If the divergence takes place, then the price may return to the range of 0.7414/45 correctively. Exit above 0.7566 may extend the growth of the aussie to the target level of 0.7646.

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On the four-hour chart, the price has not been able to break away from the MACD line and show growth over the past four days, while the Marlin Oscillator develops in a range (gray area on the chart), which ultimately increases the likelihood of a price drop. At the moment, the situation is not trading. We are waiting for the situation to be clarified.

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The material has been provided by InstaForex Company - www.instaforex.com

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